Jain Irrigation Systems

Going forward Jain Irrigation Systems will focus on improving the India business to drive higher growth and margin in one of the fastest growing irrigation markets in the world

The cash proceeds will be used to pay off Rs 2,700 crore of overseas debt

The debt recast covered aspect like converting about 40 per cent of the total debt into long term non-convertible debentures at an interest rate of 0.01%

The company missed certain principal payments under its working capital facilities and S&P sees a "high likelihood" that the firm would be classified as a nonperforming asset by its bankers

The Maharasthra-based Jain Irrigation makes micro- irrigation systems, PVC and HDPE pipes, plastic sheets and agro-processed products, among others.

The stock surged 9% to Rs 108.80 on BSE, trading close to its 52-week high of Rs 109.25.

This issue marks the successful debut of Jain Irrigation in the US dollar bond market

The stock was 4% at Rs 104 after the company posted a profit of Rs 28 crore in Q2FY17 against loss of Rs 5.4 crore in the same quarter last year.